The Performative War on Money Laundering
A recent report by the Netherlands’ Court of Audit critically assesses the country’s anti-money laundering (AML) efforts, revealing a system that is expensive, discriminatory, and potentially ineffective. Despite banks spending €1.6 billion annually on compliance, with costs rising 17% since 2021, there is no evidence that these measures significantly prevent financial crime. The audit highlights severe procedural flaws, including the disproportionate scrutiny of immigrant-focused religious institutions like mosques compared to local Protestant or Catholic congregations. In one instance, a mosque was forced to hide cash donations because banks refused to accept them without adequate justification. The report argues that current AML policies prioritize bureaucratic process over genuine risk assessment, actively discriminating against ethnic and religious minorities while failing to verify their actual impact. The author extends this critique globally, suggesting that international AML strategies are based on faith rather than facts, continuing to expand intrusive systems without evaluating their efficacy or justifying their negative social side effects.
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The Performative War on Money Laundering
A recent report by the Netherlands’ Court of Audit critically assesses the country’s anti-money laundering (AML) efforts, revealing a system that is expensive, discriminatory, and potentially ineffective. Despite banks spending €1.6 billion annually on compliance, with costs rising 17% since 2021, there is no evidence that these measures significantly prevent financial crime. The audit highlights severe procedural flaws, including the disproportionate scrutiny of immigrant-focused religious institutions like mosques compared to local Protestant or Catholic congregations. In one instance, a mosque was forced to hide cash donations because banks refused to accept them without adequate justification. The report argues that current AML policies prioritize bureaucratic process over genuine risk assessment, actively discriminating against ethnic and religious minorities while failing to verify their actual impact. The author extends this critique globally, suggesting that international AML strategies are based on faith rather than facts, continuing to expand intrusive systems without evaluating their efficacy or justifying their negative social side effects.
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